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. Last Updated: 07/27/2016

Greenspan Slams Bush In Memoirs

WASHINGTON -- Former U.S. Federal Reserve Chairman Alan Greenspan, in his new book, bashes President George W. Bush for not responsibly handling U.S. spending and racking up big budget deficits.

A self-described "libertarian Republican," Greenspan takes his own party to task for forsaking conservative principles that favor small government.

"My biggest frustration remained the president's unwillingness to wield his veto against out-of-control spending," Greenspan wrote.

Bush took office in 2001, the last time the government had a budget surplus. Every year after that, the government has been in the red. In 2004, the deficit swelled to a record $413 billion.

Greenspan's memoir, "The Age of Turbulence: Adventures in a New World," is scheduled for release Monday. The book is a recollection of his life and times as Fed chief.

Greenspan, 81, ran the Fed for 18 1/2 years and was the second-longest serving chief. He served under four presidents, starting with his initial nomination by Ronald Reagan.

n Fed Chairman Ben Bernanke and his central bank colleagues were to meet Tuesday to discuss a possible interest rate cut for the first time in four years.